fy 2012 results conference call with analysts 03 05...brembo / 5 march 2013 "strictly...
TRANSCRIPT
FY 2012 Results
Conference Call with Analysts
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 20132
Q4 2012 ResultsSummary of Consolidated Income Statement
€ Million Q4 12 % sales Q4 11 % sales % 12/11
Sales 344.0 100% 309.5 100% 11.2%
EBITDA 43.0 12.5% 34.5 11.1% 24.8%
D&A (22.2) 6.5% (19.3) 6.2% 14.9%
EBIT 20.8 6.0% 15.1 4.9% 37.3%
Financial charges 0.3 0.1% (7.6) 2.5% -103.3%
Taxes 7.7 2.2% 4.9 1.6% 56.5%
Tax rate 36.6% 65.6%
Net Result 28.8 8.4% 12.3 4.0% 134.4%
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
€ Million FY 12 % sales FY 11 % sales % 12/11
Sales 1,388.6 100% 1,254.5 100% 10.7%
EBITDA 171.6 12.4% 148.8 11.9% 15.3%
D&A (82.2) 5.9% (75.4) 6.0% 8.9%
EBIT 89.4 6.4% 73.3 5.8% 21.9%
Financial charges (6.7) 0.5% (18.7) 1.5% -64.2%
Taxes (5.1) 0.4% (11.4) 0.9% -55.4%
Tax rate -6.1% -20.8%
Net Result 77.8 5.6% 42.9 3.4% 81.1%
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FY 2012 ResultsSummary of Consolidated Income Statement
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 20134
BremboArgentina
FY 2012 Results
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
939.5+16.2%
yoy
141.4+3.6%
yoy
184.5-5.1%yoy
Q4 12 9M 12
5
115.6+6.3%
yoy
+21.0% +5.9%-22.1%+6.8%
FY 2012 Sales by Application
Net of FX effect:y/y + 5.1%q/q + 7.3%
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
FY 2012 Sales by Area
6
Q4 12 9M 12
207.7-7.1%
yoy
-4.5%
329.6+20.5%
yoy
+16.9%
58.2-3.4%
yoy
-21.3%
100.6+18.8%
yoy
+13.8%
164.0-6.3%
yoy
-14.6%
34.0-5.0%
yoy
-6.0%
59.9+9.0%
yoy
+42.7%
19.6+7.7%
yoy
+5.7%
67.1-0.9%
yoy
+33.5%
312.1+30.4%
yoy
+30.6%
(€ Mio)
Net of FX effect:y/y + 0,5%q/q - 3,5%
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
FY 2012 ResultsSummary of Consolidated Income Statement
7
€ Million FY 12 % sales FY 11 % sales % 12/11
Sales 1,388.6 100% 1,254.5 100% 10.7%
EBITDA 171.6 12.4% 148.8 11.9% 15.3%
D&A (82.2) 5.9% (75.4) 6.0% 8.9%
EBIT 89.4 6.4% 73.3 5.8% 21.9%
Financial charges (6.7) 0.5% (18.7) 1.5% -64.2%
Taxes (5.1) 0.4% (11.4) 0.9% -55.4%
Tax rate -6.1% -20.8%
Net Result 77.8 5.6% 42.9 3.4% 81.1%
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
FY 2012 EBITDA(€ Mio)
8
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
€ Million FY 12 % sales FY 11 % sales % 12/11
Sales 1,388.6 100% 1,254.5 100% 10.7%
EBITDA 171.6 12.4% 148.8 11.9% 15.3%
D&A (82.2) 5.9% (75.4) 6.0% 8.9%
EBIT 89.4 6.4% 73.3 5.8% 21.9%
Financial charges (6.7) 0.5% (18.7) 1.5% -64.2%
Taxes (5.1) 0.4% (11.4) 0.9% -55.4%
Tax rate -6.1% -20.8%
Net Result 77.8 5.6% 42.9 3.4% 81.1%
FY 2012 ResultsSummary of Consolidated Income Statement
9
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
Financial Charges
10
€ Million FY 12 FY 11 Δ 12/11
(A) Net financial charges (11.6) (10.9) (0.7)
Net exchange rate differencies 5.1 (6.3) 11.4
Financial charges from investments (0.2) (1.5) 1.3
Total financial charges (6.7) (18.7) 12.0
(B) Other financial charges/revenues (0.5) (1.7) 1.2
(A-B) Net financial charges (11.1) (9.2) (1.9)
Average net debt 367.4 299.7 67.7
Cost of debt 3.0% 3.1%
Revenues 1,388.6 1,254.5 134.1
Financial charges / Revenues -0.5% -1.4%
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
Tax Rate
11
€ Million FY 12 FY 11
Current taxes 15.6 18.7
Deferred taxes (10.5) (7.3)
Total taxes 5.1 11.4
Pre-tax profit 82.8 54.7
Tax rate -6.1% -20.8%
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
Net Financial Position(€ Mio)
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
Net Debt Structure
13
€ Million 31.12.2012 31.12.2011 D 12/11
Current financial assets 125.5 105.5 19.9
Current financial liabilities 175.7 165.9 9.8
Short-term debt 50.2 60.4 -10.1
Non-current financial assets 0.0 0.0 0.0
Non-current financial liabilities 270.5 254.6 15.8
Long-term debt 270.5 254.6 15.8
Net debt 320.7 315.0 5.7
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
Net Debt Structure LONG TERM SHORT TERM
14
15.7%
84.3%
15.7%
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
Group Balance Sheet
15
€ Million 31.12.2012 31.12.2011 31.12.2010
Investments 140.6 165.3 77.2
Net invested capital 739.4 668.5 592.4
Net debt 320.7 315.0 246.3
medium/long-term 270.5 254.6 225.5
short-term 50.2 60.4 20.9
Shareholders' Equity 399.1 333.9 325.9
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
Main Ratios
16
€ Million 31.12.2012 31.12.2011 31.12.2010
ROI 12.1% 11.0% 9.5%
ROE 19.5% 13.0% 9.8%
Gearing 80.3% 94.3% 75.6%
Net debt/EBITDA 1.9 2.1 1.9
EBITDA/Fin. charges 26.6 8.7 14.6
EBIT/Fin. charges 13.9 4.3 6.3
Fin. charges/Net revenues 0.5% 1.4% 0.8%
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
PerformanceBrembo vs.International peers
17
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
PerformanceBrembo vs.International peers
18
% change
FY 2012
% change
1.1.2013
CONTINENTAL 73.7 2.8
TRW 64.4 9.5
BREMBO 42.7 9.6
PIRELLI 29.5 2.8
AKEBONO 21.1 1.7
VALEO 18.1 15.0
NISSIN 13.3 18.8
SOGEFI -3.4 14.2
FAURECIA -22.2 16.9
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
PerformanceBrembo vs.International peers
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BLOOMBERGEMEA AUTO
PARTS &EQUIPMENT INDEX
EURO STOXXTOTAL MARKETVALUE SMALL(EUR) INDEX
FTSEMIB
B R E M B O
"Strictly Confidential. © Brembo S.p.A. reserves all rights of use and disposal, under the protection of the law, also in connection with I.P.R. as well as copying and passing on to third parties“brembo / 5 March 2013
THANK YOUFOR YOUR ATTENTIONThe Manager in charge of the Company’s financial reports, Matteo Tiraboschi, declares, pursuant toparagraph 2 of Article 154-bis of Italy's Consolidated Law on Finance, that the accounting informationcontained in this document corresponds to the documented results, books and accounting records.
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